How much savings do I need if I lose my job?

Ideally, you should have 6 months of expenses saved before job loss occurs. If you're already unemployed, calculate: monthly expenses × expected job search length. Average job searches take 3-6 months, so $15,000-30,000 for most people. Add unemployment benefits (~$1,500/month) to extend your runway.

How long can I survive without a job?

Calculate: (Savings + Expected Unemployment Benefits) ÷ Monthly Expenses. For example: $20,000 savings + $9,000 unemployment (6 months × $1,500) = $29,000 total ÷ $3,500/month = 8.3 months. Cutting expenses to $2,500 extends this to nearly 12 months.

Should I take a lower-paying job to extend savings?

It depends on your runway. If you have 6+ months of savings, hold out for the right opportunity. If under 3 months, consider temporary work or a stepping-stone job. Part-time or gig work can extend savings while you continue searching for ideal roles.

What expenses should I cut immediately after job loss?

Immediately cut: streaming services, gym memberships, dining out, subscription boxes, premium phone plans. Reduce: groceries (switch to basics), utilities (lower thermostat), entertainment. Keep: health insurance (critical), minimum debt payments, rent/mortgage. Goal: reduce expenses 20-40%.

Financial Scenario

Job Loss Calculator: How Long Will Your Savings Last?

Losing your job is stressful, but knowing your financial runway reduces anxiety. This calculator helps you determine how long your savings will last during unemployment. Factor in unemployment benefits, reduced spending, and any severance to plan effectively.

Key Facts

Average job search takes 3-6 months

Unemployment benefits: typically 40-50% of salary

COBRA health insurance: budget $500-700/month

Cut non-essentials immediately to extend runway

Apply for unemployment on day 1 of job loss

Network and job search is now your full-time job

Calculate How Long Your Money Will Last

Enter your savings and expenses for a quick estimate

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